Foundation project organization and development with instructor approval

¶ … goal of this upcoming project is to start, build, and nurture a new business by the name of Choice Spring LLC. This new business venture will be located and centered in Towson, Maryland. Essentially, the business will be a financial resource for the community and those in need of appropriate financial planning and guidance. In the current contemporary environment, so many people have fallen on hard financial times. Many now struggle to find a legitimate resource that will help them and guide them towards a more stable financial future. The financial problems of the community at large present an opportunity for this business venture to provide essential services needed by those looking for financial assistance and guidance. The company is structured around a primary goal to help individuals, families, and even small businesses attain their own unique financial goals and meet their financial needs stay competitive and stable in an uncertain and volatile financial environment. As such,

Business problem and how it will solve it

Deliverables

There are a number of primary deliverables in which the company will aim to provide the community here in Maryland. The company will offer such services as health and life insurance, commercial policies for business needs, rental and home insurance, planning and preparing for 401(k), retirement, an IRAs, as well as mutual funs and stock investing services. Yet, there are some deliverables truly stand out based on the needs of the community. In Towson, there are a number of financial services offices around the city. However, most of these are branches of larger national chains, which often sacrifice some of the personal and intimate relationships between a small business owned by members of the community and those within the community who turn to for help. As such, the company will offer tailored and customized packages based on ongoing and continuously evolving relationships with its clients in the community. Therefore, the primary deliverable here is tailored service based on the unique relationship between financial advisor and the individual in need of financial services. This will help the company stand out above the national chains which may tend to lack that level of intimate service. Moreover, the company will focus on delivering savings and retirement plans as a way to get members of the community back on their feet in such unstable financial times.

Risks

There are a number of clear risks associated with opening a financial institution in the middle of a recession. It is clear that "banking institutions face today a dynamic, fast-paced, competitive environment the global scale" (Harker & Zenios, 1998, p 2). In the community, there are a large amount of national chains working in the region, which have access to a wider breadth of resources and funding in order to compete with the operations of this project. This essentially creates a very high barrier of entry based on the level of competition seen within the marketplace. This can work both in favor and against the company launch, as some individuals may be weary of national chains after the bank fraud and scandal that occurred in the reception; however, some may be weary of unknown chain name as well. Moreover, there is the clear barrier of the poor financial environment. According to the research, "Maryland's economy is sustained job loss in 2008; however, the rate of decline through December 2008, at 1.7%" and "Maryland employers shed 79,000 jobs -- losses which essentially wiped out three years of expansion" (Office of Workforce Information & Performance, 2010). This means less money flowing within the community to spend on financial products and services, which will undoubtedly break into the potential profit margin.

Still, there are greater risks if the project is not laid out. The people of the community need good financial guidance. In their time of need, it would be a risk not to provide a much needed service within a community that is still struggling amidst the ongoing recession. There is a huge potential to make profit in financial services, even in such trying economic times. According to the research, "U.S. financial services account for almost 5% of the gross domestic product in the U.S." (Harker & Zenios, 1998, p 1). Not tapping into that market when it is needed most would be a foolish error.